Ponzi Schemes in the Caribbean

In several Caribbean states, unregulated investment schemes grew quickly in recent years by claiming unusually high monthly returns and through a system of referrals by existing members. These are features shared with traditional Ponzi schemes and pyramid schemes. This paper describes the growth of...

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Bibliographic Details
Main Authors Carvajal, Ana, Monroe , Hunter K, Pattillo, Catherine A
Format eBook Book
LanguageEnglish
Published Washington International Monetary Fund 01.04.2009
Edition1
Subjects
Capital Flows
Caribbean Area
Commercial crimes
Income
Nonbank Financial Sector
Ponzi Schemes
Private Investment
Pyramid Schemes
Securities fraud
Securities Regulations
Capital markets
Caribbean
Cross country analysis
Securities markets
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Summary:In several Caribbean states, unregulated investment schemes grew quickly in recent years by claiming unusually high monthly returns and through a system of referrals by existing members. These are features shared with traditional Ponzi schemes and pyramid schemes. This paper describes the growth of such schemes, their subsequent collapse, and the policy response of regulators, and presents key policy lessons. The analysis and recommendations draw on country experiences in the Caribbean, and in such diverse countries as the United States, Colombia, Lesotho, and Albania.
ISBN:1452770255
9781451872422
9781451916775
9781452770253
1451872429
1451916779